The Canadian economy has witnessed a significant volume of transactions through two major payment methods:
3.101 million transactions were executed via Electronic Funds Transfer (EFT), while online money transfers, such as Interac e-Transfer, accounted for 1.118 million transactions.
The significant growth in transactions through Electronic Funds Transfer (EFT) and Interac e-Transfer underscores the increasing relevance of these payment options as businesses evaluate which best suits their needs.
This raises a crucial question: doEFTandInterac e-Transfer Bulk fulfill the same roles, and which features make one better for specific business scenarios over the other?
In the fast-paced world of financial operations, having access to multiple payment methods is critical; having options is a bit like having a well-stocked toolbox – you want the right tool for the job.
This infographic and the following article outline each payment method's specifics, breaking down everything you need to know about EFT vs Interac e-Transfer.
The Best Way to Send Money: EFT vs Interac e-Transfer
Understanding VoPay’s Advanced EFT Payment Method
EFT or Electronic Funds Transfers are a safe and cost-effective way to electronically credit or debit accounts at any Canadian financial institution in Canadian or U.S. dollars. It is a versatile payment solution that facilitates various transactions, from supplier and vendor payments to bill collections and employee payroll.
VoPay's advanced EFT capabilities surpass those of traditional EFT solutions banks offer. By including intelligent features on top of the banking layer, organizations gain access to a premier payment method that delivers financial clarity and significant cost savings.
This is done by fully automated recurring payments, advanced notifications, payment tracking, automated reconciliation, capturing client bank data, payment tokenization, and virtual accounts to access historical payment data.
Accessing Interac e-Transfer Bulk Through Our Payment API
Transferring funds through Interac e-Transfer is among the fastest solutions, boasting a remarkable turnaround time of under 30 minutes for funds to reach their destination. Unlike EFTs, which may undergo hold periods, funds sent through Interac e-Transfer are available almost immediately upon completion.
Interac e-Transfer continues to be a reliable money-transfer service solution for Canadian enterprises, delivering the ability to swiftly and securely send and receive payments using just an email address.
Interac e-Transfer Bulk Payables are ideal for supporting commercial payments and high-volume transactions. Tailored to particular needs such as vendor payments, supplier transactions, or compensating freelance contractors, organizations can facilitate simultaneous transfers to multiple recipients.
Businesses can efficiently collect payments by initiating a request for a specific amount addressed to an email or phone. Once the recipient accepts the request, the funds are swiftly withdrawn and directed to the requester.
VoPay’s partnership with Interac Corp. significantly improves how a business can send and receive payments and manage the entire financial operation.
Customize Interac e-Transfer payment flows to suit their business model
Connect to existing accounting software for advanced reconciliations
White-Labelled Solution and Branded Business email
Advanced Reconciliation and Payment Notifications
Enhanced Tracking and Reporting
Access transaction histories
Key Differences: EFT vs Interac e-Transfer Bulk
Identifying the key differences between EFT and Interac e-Transfer Bulk helps organizations make an informed decision.
Speed of Fund Availability
Interac e-Transfer: Funds are typically available within 30 minutes.
EFT: Takes between 1-4 business days for funds to be processed, depending on funding times.
Cost Considerations
Interac e-Transfer: Depending on transaction volumes, Interac e-Transfer can start from $1.50 per transaction
EFT: Depending on volumes and limits, EFT can range from $0.30 to $1.00 per transaction.
Transaction Limits
Interac e-Transfer: Bulk transactions have a limit of $25,000 per recipient and a cap of 100,000 recipients per day.
EFT: Offers unlimited funding caps. Terms and conditions apply.
Recipient Information Requirements
Interac e-Transfer: Requires only an email address for recipient information.
EFT: Must provide routing number, transit number, and institution number for recipients. Banking information can be easily captured through online banking using VoPay’s eLinx experience.
Considering these factors when deciding whether to use EFT or Interac e-Transfer Bulk is important to ensure seamless and efficient money transfers tailored to suit your specifications.
Access The Most Advanced Payment API On The Market
Gain the value of both. Access EFT and Interac e-Transfer for Business through a single API integration. Whether you prioritize speed, cost-effectiveness, or scalability, our payment API offers the flexibility and reliability you need.
Elevate your financial operation to new heights of efficiency and security with VoPay's best-in-class payment API.
